Luxury companies target UHNWI customers mainly through events

Mar 8, 2014

Despite slowing global demand and consumption, luxury industry executivesare optimistic about the first quarter of 2014, with nearly 80% confident they will see an increase in revenue from ultra high net worth (UHNW) individuals during the period, according to the inaugural Wealth-X Luxury Sentiment Survey Report.

More than 30% of those polled expect revenue to rise by more than 10% in Q1 2014, the report shows.

Below are other key findings from the report:

71% indicated they were likely to expand into new markets;

77% saw increased UHNW customer enquiries;

64% believed that customers will make more purchases in Q1 2014;

76% said their clients were mostly domestic, not tourists;

Asia and North America were selected by participants as the locations that are most likely to have the fastest revenue growth for Q1 2014;

67% expect that Asia will contribute the largest Q1 2014 growth in the hospitality and services sector;

87% expect revenue growth in the yacht and private aviation sectors;

50% indicated that more than half of their total marketing budget goes to UHNW marketing;